Soybeans closed higher on Tuesday, with contracts 11 to 13 cents higher in the front months. The average national cash bean price was up 11 3/4 cents at $10.56 1/4. Soymeal futures also saw gains, with prices $2.10 to $3.20 higher on the day. Soy oil futures followed suit, trading 50 to 58 points higher.
The average close for November futures in February has been $10.91, as the base spring price for crop insurance is currently underway. WASDE data released this morning showed no adjustments to the US ending stocks projection, which remained at 350 million bushels.
In terms of major world adjustments, Brazil’s soybean production was raised by 2 million metric tons to 180 MMT, in line with expectations. Argentina’s production remained steady at 48.5 MMT. The World Ag Outlook Board also increased the world ending stocks number by 1.10 MMT to 125.51 MMT.
ANEC estimates Brazilian soybean exports at 11.71 MMT in February, up 0.29 MMT from the previous day. In the market, March 26 soybeans closed at $11.22 1/2, up 11 3/4 cents, while nearby cash prices were at $10.56 1/4, up 11 3/4 cents. May 26 soybeans closed at $11.37 1/2, up 12 1/2 cents, and July 26 soybeans closed at $11.49 1/2, up 13 cents.
Please note that the author, Austin Schroeder, did not have any positions in the securities mentioned in this article. All information and data provided are for informational purposes only. This article was originally published on Barchart.com.
